I just bought Quake 4 today and after installing it i started it up only to come to an error report such as this one...

...loading binary 'generated/declb/surfacetypes/texturesheets/valley/valley_wall_1.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/valley/valley_wall_2.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/valley/valley_wall_3.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/valley/valley_wall_4.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/valley/valley_wall_5.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/valley/valley_wall_6.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/valley/valley_wall_7.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/volcano/doors_details.stmapb'
...loading binary 'generated/declb/surfacetypes/texturesheets/volcano/walls_trims.stmapb'
...loading binary 'generated/declb/renderprogs/atmosphere.rprogb'
...loading binary 'generated/declb/renderprogs/coverage.rprogb'
...loading binary 'generated/declb/renderprogs/depth.rprogb'
...loading binary 'generated/declb/renderprogs/foglights.rprogb'
...loading binary 'generated/declb/renderprogs/heathaze.rprogb'
...loading binary 'generated/declb/renderprogs/imposters.rprogb'
...loading binary 'generated/declb/renderprogs/occlusion.rprogb'
...loading binary 'generated/declb/renderprogs/portals.rprogb'
...loading binary 'generated/declb/renderprogs/renderbindings.rprogb'
...loading binary 'generated/declb/renderprogs/sfx.rprogb'
...loading binary 'generated/declb/renderprogs/sfx2.rprogb'
...loading binary 'generated/declb/renderprogs/shadow.rprogb'
...loading binary 'generated/declb/renderprogs/skies.rprogb'
...loading binary 'generated/declb/renderprogs/stuff.rprogb'
...loading binary 'generated/declb/renderprogs/trivial.rprogb'
...loading binary 'generated/declb/renderprogs/water.rprogb'
...loading binary 'generated/declb/renderprogs/game/railgunscope.rprogb'
...loading binary 'generated/declb/renderprogs/game/sniperscope.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/basic.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/basic_alphatest.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/basic_detail.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/basic_detailwm.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/foliage.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/parallax.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/self_illum.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/separate_depth.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/strogg.rprogb'
...loading binary 'generated/declb/renderprogs/interaction/translucent.rprogb'
...loading binary 'generated/declb/renderprogs/megatexture/ambient.rprogb'
...loading binary 'generated/declb/renderprogs/megatexture/glslambient.rprogb'
...loading binary 'generated/declb/renderprogs/megatexture/glslinteraction.rprogb'
...loading binary 'generated/declb/renderprogs/megatexture/interaction.rprogb'
...loading binary 'generated/declb/renderprogs/postprocess/glare.rprogb'
...loading binary 'generated/declb/renderprogs/skinning/skinning_matrix.rprogb'
...loading binary 'generated/declb/imposters/imposters.impb'
...loading binary 'generated/declb/localization/locstr/default.locstrb'
...loading binary 'generated/declb/localization/locstr/engine/keys.locstrb'
...loading binary 'generated/declb/localization/locstr/engine/misc.locstrb'
...loading binary 'generated/declb/localization/locstr/engine/sdnet.locstrb'
...loading binary 'generated/declb/localization/locstr/game/achievements.locstrb'
...loading binary 'generated/declb/localization/locstr/game/chat_gdf.locstrb'
...loading binary 'generated/declb/localization/locstr/game/chat_gdf_bot.locstrb'
...loading binary 'generated/declb/localization/locstr/game/chat_strogg.locstrb'
...loading binary 'generated/declb/localization/locstr/game/chat_strogg_bot.locstrb'
...loading binary 'generated/declb/localization/locstr/game/classes.locstrb'
...loading binary 'generated/declb/localization/locstr/game/default.locstrb'
...loading binary 'generated/declb/localization/locstr/game/intros.locstrb'
...loading binary 'generated/declb/localization/locstr/game/loadtips.locstrb'
...loading binary 'generated/declb/localization/locstr/game/obituaries.locstrb'
...loading binary 'generated/declb/localization/locstr/game/ranks.locstrb'
...loading binary 'generated/declb/localization/locstr/game/rewards.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tooltips.locstrb'
...loading binary 'generated/declb/localization/locstr/game/votes.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_aggressor.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_all.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_common.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_constructor.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_covertops.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_engineer.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_fieldops.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_gdf.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_infiltrator.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_medic.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_oppressor.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_soldier.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_strogg.locstrb'
...loading binary 'generated/declb/localization/locstr/game/tasks/solo_technician.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/admin.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/bindings.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/game.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/global.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/hud.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/limbo.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/mainmenu.locstrb'
...loading binary 'generated/declb/localization/locstr/guis/maps.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/area22.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/ark.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/canyon.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/island.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/locations.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/objectives.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/outskirts.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/quarry.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/refinery.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/salvage.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/sewer.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/slipgate.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/valley.locstrb'
...loading binary 'generated/declb/localization/locstr/maps/volcano.locstrb'
------------------------------
couldn't exec 'etqwconfig.cfg'
execing 'localization/english/defaultbinds.cfg'
couldn't exec 'etqwbinds.cfg'
couldn't exec 'autoexec.cfg'
Vendor:1002 Device:7183
Detected
2 2.00 GHz CPU
1024 MB of System memory
64 MB of Video memory on an optimal video architecture

This system qualifies for Low quality.
execing 'specs/minspec.dat'
execing 'specs/minspec_cpu.dat'
execing 'specs/minspec_gamedetail.dat'
execing 'specs/minspec_gpu.dat'
execing 'specs/minspec_gpudetail.dat'
execing 'specs/minspec_lighting.dat'
execing 'specs/minspec_foliage.dat'
Vendor:1002 Device:7183
execing 'specs/recspec_gpu.dat'
execing 'specs/recspec_gpudetail.dat'
execing 'specs/recspec_foliage.dat'
Failed to open server license code file for reading.
Initializing OpenGL subsystem
...registered window class
...registered fake window class
...calling LoadLibrary( 'opengl32' ): succeeded
...initializing QGL
idFile_Permanent::Write: 0 bytes written to diag.txt
idFile_Permanent::Write: 0 bytes written to diag.txt
idFile_Permanent::Write: 0 bytes written to diag.txt
idFile_Permanent::Write: 0 bytes written to diag.txt
idFile_Permanent::Write: 0 bytes written to diag.txt
idFile_Permanent::Write: 0 bytes written to diag.txt
********************
FATAL ERROR: The OpenGL driver doesn't support wglChoosePixelFormatARB
********************
--------------- BSE Shutdown ----------------
---------------------------------------------
Shutting down OpenGL subsystem
...releasing DC
...resetting display
...shutting down QGL
...unloading OpenGL DLL
idRenderSystem::Shutdown()
Shutting down performance queries
The OpenGL driver doesn't support wglChoosePixelFormatARB

....Please what do i do to solve this?

The very best thing you could do is to post your system specifications. From what I can see, you are using a Dual Core machine with 1024MB RAM and a 64MB graphics card. What graphics card is it? ATI? Nvidia? Are you using the official drivers from their respective vendors? If you happen to have one of those onboard graphics card, I am not sure you will be able to run Quake 4 at all...